Horseshoe Casino Cincinnati opens to the public Monday, but is it a smart long-term gamble for the city?

No one knows the impact a casino has on a community better than the residents of Lawrenceburg, which has been transformed since Argosy Casino opened in 1996.

It's since changed its name to Hollywood Casino, which at one point generated $60 million per year for the Dearborn County town.

The revenue has paid for new streets, sidewalks, parks and fire stations, and Lawrenceburg Mayor Dennis Carr said the casino has been a boon for the town.

"This town is set up for another 50-75 years," Carr said.

Thousands of jobs were created, and the city's school district hit the jackpot, gaining nearly $1 million per year.

Parents don't buy books, and students who keep a C average or better earn up to $1,800 yearly in college tuition for four years.

Superintendent Karl Galey has seen the benefits first hand.

"When education was cut in the state of Indiana, fortunately, due to the money we received, we were able to receive that money and use it so we did not have to cut any staff or programs during that period of time," Galey said.

More money and programs have equated to higher test scores.

Four years ago, Lawrenceburg High School was rated a D. The graduation rate was about 70 percent. But now the school has earned a B rating and the graduation rate is up to almost 94 percent.

But with gambling and growth comes crime. Dearborn County Prosecutor Aaron Negangard expected an increase in crime, but he's been surprised by how much.

He compared the trade-off to making a deal with the devil.

"It always sounds good, but then down the road, it's not nearly as good as the deal you got," Negangard said.

In 1995, before the casino opened, Negangard's office prosecuted 200 felonies in the county.

Last year, they had more than 1,000. His office has added prosecutors, cops and jail space just to handle the case load.

"We've had lots of dangerous people come through the casino," Negangard said. "We've had some very big drug dealers come through the casino."

The deck is now stacked against Lawrenceburg. The extra money the city's been used to is dwindling.

Last year revenue at Hollywood dropped more than 9 percent, attendance was off 14 percent and last September, about 160 workers were let go.

The city is feeling the pinch, too. Last year, revenue for Lawrenceburg was down almost $15 million from the best year, in 2006.

Carr admits with the Horseshoe opening up in Cincinnati next week, Lawrenceburg's luck may be running out.

He's bracing for a 30 percent to 40 percent decrease in revenue this year.

"The jobs, I don't anticipate laying off right now, but you never know," Carr said.